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OUTLOOK: Price Signal Summary - Bund Futures Trade Through The 20-Day EMA

OUTLOOK
  • In the FI space, Bund futures have traded lower today resulting in a break of the 20-day EMA, at 134.16. Short-term weakness appears to be corrective and this is allowing the recent overbought condition to unwind. The next support to watch lies at 133.32, the 50-day EMA. A break of this average would highlight scope for a deeper retracement. For bulls, a reversal higher would refocus attention on 136.45, a Fibonacci retracement. First resistance is 135.17, the Aug 14 high.
  • Gilt futures have traded lower today and this has resulted in a breach of support at 98.79, the Aug 12 low. The break lower highlights scope for a deeper retracement near-term and this opens 98.37, a Fibonacci projection. The trend condition remains up and the latest pullback appears to be a correction. A reversal higher would signal the end of the corrective hase. First key resistance to monitor is 99.85, Aug 22 high.
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